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Do any of you know how to calculate depletion expense for a
Do any of you know how to calculate depletion expense for a 1065 K-1? Do I take 15% of the gross oil and gas income (17D)? If so, where does it go on the return -- Schedule E pg 1 or pg 2? If there is… read more
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A taxpayer received a K-1 from a partnership they say they
A taxpayer received a K-1 from a partnership they say they have severed ties with years ago.The K-1 shows an increased adjustment to basis for the taxpayer (a 20% limited partner according to the K-1)… read more
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Final K 1 of a liquidated partnership shows $8988.00 as my
Final K 1 of a liquidated partnership shows $8988.00 as my share of syndication cost. … read more
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Thank you my question, A partnership was dissolved and the
Thank you for taking my question, A partnership was dissolved and the last K1 of one the partners shows a negative ending capital amount in section L (of the K-1). In other words, I assume that the pa… read more
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Lane, a final Basis question (hopefully): Two partner LLC,
quot;For Lane"Hey Lane, a final Basis question (hopefully): Two partner LLC, profit of 1342, each partner has a basis of 10K in the company. If I take the 671 (each) in ordinary income to reduce basis… read more
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My question centers around the taxability of the sale of a
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I have a partnership client that sold the partnership in
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In 2006 my husband invested approx. 10K in a business started
In 2006 my husband invested approx. 10K in a business started by a friend. It was set up as an LLC. It never materialized into much and ultimately ceased operations at the end of 2012. We received k-1… read more
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I have a client who has an LLC. The client has zero basis and
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One of my limited partnerships liquidated in 2012. The k-1
One of my limited partnerships liquidated in 2012. The k-1 noted a large syndication cost allocated to me. Is the writeoff of the syndication costs a ordinary or capital loss? How would this loss be r… read more
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I have a "final K-1" because a ltd partnership liquidated.
I have a "final K-1" because a ltd partnership liquidated. Should I now be able to deduct all accumulated "unallowed losses" associated with the partnership?… read more
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Clients wants to invest $50k into Oil & Gas drilling. Their
Clients wants to invest $50k into Oil & Gas drilling. Their total income is about $900k with an estimated AMT of $1,950. If they receive a K-1 for the $50k, can they take the full loss on form 1040, s… read more
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I own a llc and take a negative k1 usually every year in the
I own a llc and take a negative k1 usually every year in the amount of about $40,000. I have always had my husbands positive k1 to use against the negative k1 to receive a refund. In 2013 we will be d… read more
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For taxation of oil royalties, when percentage depletion is
For taxation of oil royalties, when percentage depletion is taken against zero cost basis, does a "negative basis" ensue, increasing the eventual taxable capital gain, or is the basis frozen at zero?… read more
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I have purchased the interest of 5 limited partners in a LP
I have purchased the interest of 5 limited partners in a LP which holds title to an apratment complex with initial cost of approx. 13 million 6 years ago and a basis now of 11 million due to depreciat… read more
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Two member LLC taxed as a partnership. 85% partner agrees
Two member LLC taxed as a partnership. 85% partner agrees to sell his Interest to the LLC for $15,000. Partnership is terminated and remaining partner becomes sole prop/disregarded entiry. Selling par… read more
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Final Tax Reporting for a spouse and decedent arising from
Final Tax Reporting for a spouse and decedent arising from a liquidated limited partnership A married couple were joint limited partners (community property) in a real estate limited partnership. The … read more
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